From the blog: The lead-up to the launch of the pension reforms in April last year created pent-up demand in the market, resulting in many opting to take advantage of the new freedoms and draw down a lump sum.
It is no surprise then that during this time there was a drop in annuity purchases.
However, recent reports state that pension savers are now opting for annuities as their primary retirement investment, rather than drawdown. In fact, the ABI’s pension freedom statistics show the proportion of people purchasing annuities has been steadily increasing.